Bitfinex, a state-of-the-art digital token trading platform, will support U2F security keys, an open authentication standard, on Bitfinex Pay, a payment technology that allows online merchants a means of receiving contactless and borderless digital token payments.
Security keys are physical USB dongles from companies such as YubiCo that enable users to bypass the traditional app and text message-based two-factor authentication schemes with their six-digit codes by simply plugging the key into a computer or laptop.
Bitfinex users will be able to take advantage of the strong 2nd factor authentication service when paying merchants that have the Bitfinex Pay widget. U2F provides protection against phishing, session hijacking, man in the middle, and malware attacks. In addition, users obtain a variety of benefits that include added privacy and control of their secure online identity, and the ability to use U2F across multiple devices.
“As a trailblazer in digital payments, Bitfinex Pay has already become a popular payment tool and with the addition of U2F we are providing our users with further means of protecting themselves,” said Paolo Ardoino, CTO at Bitfinex. “These security keys make it almost impossible for a hacker to intercept both your password and the two-factor code.”
The U2F option will be presented to Bitfinex users after clicking “Pay with Bitfinex”. If a Bitfinex customer doesn’t have two-factor authentication set up, he or she will be prompted to add the security feature at the ‘Enable 2FA’ screen. Alternatively, Bitfinex users can also verify their credentials with Google Authenticator.
The Bitfinex Pay widget can be integrated on to a website facilitating online payments. Users can pay with Ethereum (ETH), bitcoin (BTC), Lightning Network BTC (LN-BTC) and Tether tokens (USDt) via Ethereum or Tron. Payments made via Bitfinex Pay will be directly deposited into a merchant’s exchange wallet on Bitfinex.
Customers of a merchant that has integrated the payment technology simply click on the Bitfinex Pay button to be seamlessly directed to the Bitfinex payment gateway. After payment is made using a cryptocurrency accepted by the merchant, a customer will be redirected back to the merchant’s website.